A revolution in bank transfers. The European Parliament adopted “transfers in 10 seconds”

599 votes to 7 adopted the so-called immediate transfer order. Transactions are to be performed regardless of the day and time, and the money must reach the accounts of individual clients and companies instantly, within 10 seconds. This is a big change, because currently such money reaches the account within two or three days. The fees for these transactions cannot be higher than for standard transfers.

Banking in Europe is accelerating

– The Instant Payments Regulation marks the long-awaited modernization of payments in the Single Market. Let’s say goodbye to the inconvenience of waiting two or three business days to access your funds. We provide something that people and companies really care about: transferring money within 10 seconds at any time of the day, said Michiel Hoogeveen, member of the European Parliament.

Within the said 10 seconds, payers are also to be informed whether the transfer has reached the recipients indicated by them. The new rules apply to transactions in euro, but Member States whose currency is not the euro, such as , will also have to apply the rules to accounts offering regular transactions in the common European currency. They will have a longer transition period to implement the changes. An exception has also been created for these countries. Money may take longer to go if sent outside business hours due to concerns about access to euro liquidity.

Increased protection against fraudsters

The new rules will also ensure adequate security and require robust and up-to-date fraud detection and prevention mechanisms. It will be required, among others: verifying the identity of recipients so that the money does not go to the accounts of clients subject to sanctions. If fraud and financial damage occur due to the lack of appropriate safeguards, you will be able to claim compensation. The new regulations are to enter into force this month, but EU countries will have one year to adapt to them.